LONG-TERM DEBT AND FINANCING ARRANGEMENTS (Tables)

3 Months Ended

Mar. 31, 2019

LONG-TERM DEBT AND FINANCING ARRANGEMENTS


	March 31		December 31
	2019		2018
	(in thousands)
Credit Facility (interest rate of 3.7%(1) at March 31, 2019)	$	70,000	$	70,000
Accounts receivable securitization borrowings (interest rate of 3.4% at March 31, 2019)		40,000		40,000
Notes payable (weighted-average interest rate of 3.5% at March 31, 2019)		166,248		181,409
Finance lease obligations (weighted-average interest rate of 5.6% at March 31, 2019)		210		266
		276,458		291,675
Less current portion		48,809		54,075
Long-term debt, less current portion	$	227,649	$	237,600

⁽¹⁾

The interest rate swap mitigates interest rate risk by effectively converting $50.0 million of borrowings under the Credit Facility from variable-rate interest to fixed-rate interest with a per annum rate of 3.10% based on the margin of the Credit Facility as of March 31, 2019 and December 31, 2018.

Scheduled maturities of long-term debt obligations


					Accounts
					Receivable
			Credit		Securitization		Notes		Finance Lease
	Total		Facility(1)		Program(1)		Payable		Obligations(2)
	(in thousands)
Due in one year or less	$	57,780	$	2,590	$	1,338	$	53,655	$	197
Due after one year through two years		47,102		2,383		1,220		43,493		6
Due after two years through three years		83,567		2,341		40,698		40,521		7
Due after three years through four years		99,600		70,629		—		28,971		—
Due after four years through five years		11,714		—		—		11,714		—
Due after five years		—		—		—		—		—
Total payments		299,763		77,943		43,256		178,354		210
Less amounts representing interest		23,305		7,943		3,256		12,106		—
Long-term debt	$	276,458	$	70,000	$	40,000	$	166,248	$	210

⁽¹⁾

The future interest payments included in the scheduled maturities due are calculated using variable interest rates based on the LIBOR swap curve, plus the anticipated applicable margin.

⁽²⁾

Minimum payments of finance lease obligations include maximum amounts due under rental adjustment clauses contained in the finance lease agreements.

Schedule of assets securing notes payable or held under capital leases


	March 31		December 31
	2019		2018
	(in thousands)
Revenue equipment	$	255,398	$	264,396
Land and structures (service centers)		1,794		1,794
Software		1,484		1,484
Service, office, and other equipment		5,941		5,941
Total assets securing notes payable or held under finance leases		264,617		273,615
Less accumulated depreciation and amortization(1)		82,843		79,961
Net assets securing notes payable or held under finance leases	$	181,774	$	193,654

⁽¹⁾

Amortization of assets under held finance leases and depreciation of assets securing notes payable are included in depreciation expense.